Digital companies were barred from deducting processing fees or charges from loan installments
newssoye web desk
2 hours ago
The Securities and Exchange Commission of Pakistan (SECP) has amended the rules for non-banking finance digital companies.
Digital companies were already deducting charges or fees while disbursing the first amount of the loan to the borrower. Digital companies are barred from deducting processing fees or charges from loan installments.
Digital companies have also been banned from creating multiple apps on social media platforms.
SECP has directed that digital online companies launch a master app on social media, under the master online app digital companies can launch various products or schemes.
It has been made mandatory to get the apps audited by an IT security audit firm for the security of user data.
Non-banking digital finance companies are banned from changing the terms of the contract without the borrower's permission.
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